Stocks and Precious Metals Charts - Hard Time Killin' Floor Blues - Tottering To the End of the 3rd Quarter

 

“Through pride we are ever deceiving ourselves.  But deep down below the surface of the average conscience a still, small voice says to us, something is out of tune."

Carl Jung

"I was being called to surrender the very citadel of my self.  I was completely in the dark.  I did not really know what repentance was or what I was required to repent of.  It was indeed the turning point of my life.  God had brought me to my knees and made me acknowledge my own nothingness, and out of that knowledge I had been reborn.  I was no longer the centre of my life and therefore I could see God in everything."

Bede Griffiths

"Call me dark, but what I see here is a toxic relationship between deregulation, underpriced risk, and exorbitant, inefficient pay scales that contribute to the growth of inequality, not to mention the shampoo economy (bubble, bust, repeat)."

Jared Bernstein, A Striking Picture of Pay and Deregulation in Finance

"Do you not know that to whom you give yourselves as servants, his servants you become, whether of a corruption unto death, or of a righteousness unto life?"

Rom 6:16

“Each day we are becoming a creature of splendid glory, or one of unthinkable horror.”

C. S. Lewis

 

We have experienced another enormous asset bubble, fueled by the Banks and their functionaries, for the purpose of further enriching the already fabulously wealthy.

Now it seems the time to tighten the belts of the hapless public, and for the people to surrender their paltry gains and livelihoods and futures to the Molochs of the financial system. 

Stocks floundered once again, searching for a foothold and a bottom.

Gold and silver moved sideways in what looks like a short term trading range.

Bullion continues to flow quietly from West to East.

The Dollar, la douleur du monde, is holding on to 111 handle.

There will be a precious metals option expiration next week.

What are we to do in the face of such relentless power.  What else is like it? Who can stand against the darkness of this world?

One way or another, through force and fraud, all must bend the knee it seems, and accept their mark.

Lord, pierce our hardened hearts, enlighten our minds, heal our blindness, and break the self-made chains of our pride and self-deception, so that we may choose life through repentance, forgiveness, and life. 

"And we have come to know and to trust the love that God has for us. God is love, and those who abide in love abide in God, and God in them."   1 John 4:16-17 

Have a pleasant evening.

Stocks and Precious Metals Charts - Audacious Oligarchy

 

"This disposition to admire, and almost to worship, the rich and the powerful, and to despise, or, at least, to neglect persons of poor and mean condition, though necessary both to establish and to maintain the distinction of ranks and the order of society, is, at the same time, the great and most universal cause of the corruption of our moral sentiments."

Adam Smith, The Theory of Moral Sentiments, 1759


"But the complaint is damning because what James alleges is not especially complex and does not require much imagination or financial numeracy.  The figures are all right there in filings and documents, rather than lost in the miasma of vagueness and mob-boss talk Trump often uses in other venues.  Either the documents say what James says they do and Trump was juking the stats, or they don’t and he’s been unfairly maligned.

At the very least the claims accord with lots of existing evidence, uncovered by WNYC, ProPublica, and other news organizations.  They match up with rumors that have swirled around Trump for years, and with the disdain with which many actual New York real-estate titans treat the Trump Organization.  And they also fit in with what we know about Trump’s dealings in other ventures, like the fraudulent 'Trump University' or the Trump Foundation, the self-dealing so-called charity that James forced to shut down in a 2019 settlement.

The schemes alleged are so remarkable because they don’t involve tricks like filing false documents. Trump wasn’t doctoring the numbers on forms; he was just brazenly telling different things to different people and assuming that he wouldn’t get caught, and that if he did, he could settle (as he tried to do with James this month) or bluff his way through or it make it go away with a countersuit.  For a long time, he was right.  Any prosecutor with the will and the manpower could have connected the dots on parts of this alleged fraud long ago.

The parallels between this alleged approach and Trump’s presidency are easy to see.  I have written that Trump ran his campaign and administration the way he did his businesses, but it is also the case that he ran his business like he did his administration: by saying whatever he needed to say at any given moment, not sweating contradictions, and overall treating reality not as a fixed thing but as something malleable and contingent, to be warped according to his needs at any given moment.

If James is successful, those conditions could be a fatal blow to the Trump Organization, effectively ending its run as a family business and a going concern in New York. Whether that will happen, of course, is up to a judge and not up to her, and Trump will have his chance to respond. He is likely to do so with blustering brazenness and flagrant misrepresentations, and given his past record, that just might work."

David Graham, The Atlantic, It's Fraud All the Way Down


"We are coming apart as a society, and inequality is right at the core of that. When the 90 percent are getting worse off and they’re trying to figure out what happened, they’re not people like me who get to spend four or five hours a day studying these things and then writing about them — they’re people who have to make a living and get through life. And they’re going to be swayed by demagogues and filled with fear about the other, rather than bringing us together."

David Cay Johnston,  Inequality's Looming Disaster, May 2014


“Crime, once exposed, has no refuge but in audacity.”

Tacitus


More bread, more circuses.

Are you not entertained? 

At least distracted?

The Fed raised 75 bp today as expected, but it was the projections of future increases that threw the risk markets for a loop.

I have highlighted them in the daily economic data report that I posted below.

The Dollar rocketed higher on the expectations of higher rates, sinking a close on the 111 handle.  Wow.

This is the highest that index DXY has been since 2000.

Gold and silver finished slightly higher, most likely diverging from stocks on a 'flight to safety.'

Interestingly the VIX finished relatively flat.

I have often wondered if the large number of gold and silver contracts that certain banks post on the COMEX clearing reports for 'customers' include the funds and ETNs for which they have custodial responsibilities.

Let's see what the rest of the week brings.

Have a pleasant evening.

Stocks and Precious Metals Charts - Principalities and Powers - FOMC Tomorrow

 

"All your ways may be straight in your own eyes,
    but it is the Lord who weighs our hearts.
To do what is right and just
    is more acceptable to the Lord than sacrifice.
Haughty eyes and a proud heart—
    the lamp of the wicked will fail.
Trying to get rich by lying
    is like chasing a bubble over deadly snares."

Proverbs 21:2-6


“It has been more profitable for us to bind together in the wrong direction than to be alone in the right one.  Those who have followed the assertive idiot rather than the introspective wise person have passed us some of their genes.  Psychopaths rally followers.”

Nassim Nicholas Taleb, The Black Swan


"Abraham replied, ‘They have Moses and the Prophets; let them listen to them.’  No, father Abraham,’ the rich man said, ‘but if someone from the dead appears to them, they will repent.’

And Abraham said, ‘If they do not listen to Moses and the Prophets, they will not change and repent, even if someone were to rise from the dead.’”

Luke 16:28-31


"For we wrestle not against flesh and blood, but against principalities and powers, against the rulers of the darkness of this world, against spiritual wickedness in high places."

Ephesians 6:12

Stocks slumped again today in advance of the FOMC rate decision tomorrow.

The Dollar strengthened on rumors of a hawkish meeting and press conference.

Gold and silver declined a bit.

I suspect that the Fed will raise 75 bp tomorrow.

As for any further hawkish words from Powell, we'll just have to see.

It smells like a sell the rumor buy the news type of scenario but it is hard to forecast the vagaries of the rapacious minds of our modern imperial moneymen

"'My name is Ozymandias, king of kings:
Look on my works, ye mighty, and despair!'
Nothing beside remains: round the decay
Of that colossal wreck, boundless and bare,
The lone and level sands stretch far away."

Percy Bysshe Shelley, Ozymandias

Have a pleasant evening.